FTX debacle sees Nansen size up major exchange on-chain holdings

The collapse of cryptocurrency exchange FTX has put industry peers underneath the microscope with requires transparent accounts of token holdings and assets under management.

Major cryptocurrency exchanges like Binance, Huobi, OKX and Crypto.com make efforts to talk about information on their assets and portfolios to appease the broader space. This uses investor confidence continues to be shaken, with users over the ecosystem moving Bitcoin (BTC) along with other tokens off exchanges to avoid potential contagion in the FTX fallout.

Blockchain analytics platform Nansen provides industry insights and it is noted for its wallet-labeling features that track addresses across multiple blockchains. In a number of tweets published on November. 15, Nansen listed seven major exchanges, their relevant portfolios and explanatory statements of accounts.

Related: Bitfinex CTO releases evidence of reserves among FTX personal bankruptcy fiasco

The assets and internet price of the exchanges are the sum of the holdings in wallet addresses supplied by nokia’s on blockchains that Nansen monitors. The analytics platform also notes the figures aren’t an “exhaustive or complete statement of the particular assets/reserves held.”

The exchanges taken into account include Binance, Crypto.com, OKX, KuCoin, Deribit, Bitfinex and Huobi.

Binance, broadly considered because the largest global exchange by transaction volume, holds around $64.3 billion price of assets over the Bitcoin, Ethereum, Tron and BNB Chain blockchains. This eclipses another exchanges with a substantial amount.

Bitfinex has got the second-largest asset holdings in reserve from the seven exchanges, based on data supplied by the organization. $8.23 billion of assets are held over the Bitcoin, Ethereum, Polygon, Tron, Solana, Acala, Avalanche, Cosmos, Fantom, Near, Terra and Terra Classic blockchains.

Huobi’s assets add up to a tracked $3.3 billion across eight different chains. OKX apparently holds $5.84 billion in cryptocurrency assets over the Bitcoin, Ethereum, Polygon, Arbitrum, Tron and Avalanche blockchains. 

Crypto.com holds an believed $2.36 billion in assets across seven chains. KuCoin addresses take into account $2.65 billion in assets on eight different blockchains, and Deribit holds around $1.46 billion price of assets around the Bitcoin, Ethereum and Solana blockchains.

Nansen co-founder and Chief executive officer Alex Svanevik told Cointelegraph the firm is intending to publish preliminary findings around the FTX situation now. Nansen previously unpacked on-chain findings after the cataclysmic collapse from the Terra ecosystem in May 2022.

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